Frequently Asked Questions (FAQs)
Are there any fees or withdrawal restrictions on savings?
No. There are no fees or withdrawal restrictions on money market or savings accounts.
How do I access my money?
Simply call, e-mail, fax, write (including co-mail), or stop in and we’ll send a check out to you that day. We are located on the ground floor of the East Meadow, NY building. We are open Monday through Friday, 8am – 5pm EST.
How do I contribute to my account?
As a Lufthansa employee, you can either save directly from your paycheck or you can send us a check for deposit anytime. You can even set us up as a payee through your online bill pay or you can directly wire funds to us though our correspondent bank.
Do you offer checking accounts?
No, not at this time. However, you may still keep your regular checking account with the bank of your choice; we can handle all other banking needs.
What is a P.O.A. / Money Market Account?
Pass On Accounts (POA) or money market accounts function the same as an ordinary share / savings account but require a balance of at least $1,500 to obtain the higher interest rate. There are no fees, withdrawal restrictions, or risk of principle. Simply put, you make a deposit, we combine everyone’s contributions and invest in multi-million dollar pieces, then “pass on” our higher earnings to you.
How can you pay much higher rates and charge lower rates then banks?
Very simple, we are a non-profit organization and because YOU are the shareholder.
Besides tax benefits, every dollar we earn goes back to you through higher savings rates or lower borrowing rates.
Is the Credit Union safe?
Lufthansa Employee FCU has been around for over 35 years and has over $90 million in assets and over $13 million in unrestricted reserves. All our accounts are insured by the NCUA
(a U.S. government agency like FDIC), up to $250,000.00 per member and IRA accounts up to $250,000.00 per member.
How do I become a member?
Simply fill out the new account forms
and send them back to us. Should you decide to change your mind, you may close your account at any time without obligation.
Am I eligible to get a loan or mortgage through the Credit Union?
Yes, we service loans and mortgages in every U.S. state. However, you must first become a member and then complete a loan or mortgage application. Payments can even be taken directly from your paycheck!
What if I have additional questions?
Simply call or e-mail us and we would be glad to answer any additional questions you have.